The incorporation of IoT technologies with smart healthcare products is creating a very high factor of appeal within the healthcare sector of developed nations. The use of IoT with smart healthcare products allows medical personnel to remotely measure, monitor, store, and access patient condition and data at rates faster than before. Smart healthcare devices can therefore be instrumental in treating critical care patients by speeding up the process while making it easier for medical personnel to access patient data across different platforms at any time.
Various governments and healthcare related organizations are also stepping up to the plate and showing their support to the growth of smart healthcare products. Governments of developed economies are especially involved in the proliferation of smart healthcare products as it is directly related to better medical attention for the nation’s population. This is fueled by the rising GDP of nations and also the industrial and healthcare evolution in developing economies.
However, cost plays a significant role in curbing the spread of smart healthcare products across the global healthcare industries. Studies by organizations such as the U.S. ONC have shown that the implementation of smart healthcare products in small healthcare organizations can not only defeat the time and cost-saving benefits, but actually damage their financial condition. Therefore, smart healthcare products are commonly used in only larger healthcare organizations.
With all the above factors – and others such as data integrity concerns – into perspective, it is calculated that the global smart healthcare products market is expanding at a CAGR of 8.84% from 2015 to 2023, in terms of revenue. It is predicted to be valued at US$31.71 bn by the end of 2016 and US$57.85 bn by 2023.
Owing to a steady influx of small and medium sized players in to the North America smart healthcare products market, it is expected to remain at the top of the global charts till 2023. By the end of 2023, North America is expected to accrue a revenue of US$21.09 bn in smart healthcare product-based revenue. The growing need for IT-based solutions in healthcare has prompted for the growing demand for smart healthcare products in this region. North America is also showing a very high rate of increase in the patients suffering from chronic diseases. These patients require consistent medical attention which remote monitoring devices can provide.
Asia Pacific, on the other hand, is expected to lead in terms of growth rate for smart healthcare products consumption. This region is taking significant strides towards the digitization of industries, including healthcare, through a growing need as well as government support.
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Between 2015 and 2023, inventory management as an application segment of smart healthcare products, is expected to expand at a CAGR of 11.82%. A large factor in this fast growth is the growing use of advanced RFID systems and RFID smart cabinets in the healthcare sector. There is also a massive demand for inventory management due to the staggering volume of data that needs to be recorded and stored by organizations. Meanwhile, health data storage and exchange is expected to remain the leading application segment for smart healthcare products till 2023, owing to a high volume of demand across the world.
The global market for smart healthcare products is dominated by players such as Epic Systems Corporation, All scripts Healthcare Solutions, Inc., Medtronic, Olympus Corporation, Becton Dickinson & Company, Terumo Corporation, and Stanley Healthcare.
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